Personal income increased $43.7 billion, or 0.3 percent, and disposable personal income (DPI) increased $44.6 billion,
or 0.3 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE)
decreased $8.1 billion, or 0.1 percent. In March, personal income increased $76.3 billion, or 0.5 percent, DPI
increased $65.0 billion, or 0.5 percent, and PCE increased $117.6 billion, or 1.0 percent, based on revised estimates.
Real DPI increased 0.2 percent in April, compared with an increase of 0.3 percent in March. Real PCE decreased
0.3 percent, in contrast to an increase of 0.8 percent.
2013 2014
Dec. Jan. Feb. Mar. Apr.
(Percent change from preceding month)
Personal income, current dollars -0.1 0.3 0.4 0.5 0.3
Disposable personal income:
Current dollars -0.1 0.4 0.4 0.5 0.3
Chained (2009) dollars -0.3 0.3 0.3 0.3 0.2
Personal consumption expenditures:
Current dollars 0.1 0.2 0.6 1.0 -0.1
Chained (2009) dollars -0.1 0.0 0.5 0.8 -0.3
BOX._____________
This news release presents revised estimates of wages and salaries, personal current taxes, and contributions
for government social insurance for October through December 2013 (fourth quarter). These estimates reflect
the incorporation of newly available fourth-quarter wage and salary tabulations from the quarterly census of
employment and wages from the Bureau of Labor Statistics.
________________
FOOTNOTE.________
Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month
dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from
unrounded data and are not annualized. Real estimates are in chained (2009) dollars.
This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
________________
Wages and salaries
Private wages and salaries increased $16.9 billion in April, compared with an increase of $44.6 billion in March.
Goods producing industries' payrolls decreased $0.1 billion, in contrast to an increase of $10.2 billion; manufacturing
payrolls decreased $1.2 billion, in contrast to an increase of $7.8 billion. Services-producing industries' payrolls
increased $16.9 billion, compared with an increase of $34.5 billion. Government wages and salaries increased
$1.4 billion, compared with an increase of $0.9 billion.
Other personal income
Supplements to wages and salaries increased $3.2 billion in April, compared with an increase of $5.1 billion in March.
Proprietors' income increased $5.4 billion in April, the same increase as in March. Farm proprietors' income increased
$2.2 billion in April, in contrast to a decrease of $0.3 billion in March. Nonfarm proprietors' income increased $3.2
billion, compared with an increase of $5.7 billion.
Rental income of persons increased $1.8 billion in April, compared with an increase of $3.6 billion in March. Personal
income receipts on assets (personal interest income plus personal dividend income) increased $15.3 billion, compared
with an increase of $8.0 billion. Personal current transfer receipts increased $2.6 billion, compared with an increase
of $14.8 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.7 billion
in April, compared with an increase of $6.3 billion in March.
Personal current taxes and disposable personal income
Personal current taxes decreased $1.0 billion in April, in contrast to an increase of $11.4 billion in March. Disposable
personal income (DPI) -- personal income less personal current taxes -- increased $44.6 billion, or 0.3 percent, in April,
compared with an increase of $65.0 billion, or 0.5 percent, in March.
Personal outlays and saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $9.1 billion in April,
in contrast to an increase of $120.2 billion in March. PCE decreased $8.1 billion in April, in contrast to an increase of
$117.6 billion in March.
Personal saving -- DPI less personal outlays -- was $518.1 billion in April, compared with $464.4 billion in March. The personal
saving rate -- personal saving as a percentage of disposable personal income -- was 4.0 percent in April, compared with 3.6 percent
in March. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal
Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp.
Real DPI, real PCE, and price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in April, compared with an increase of 0.3 percent in March.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.3 percent in April, in contrast to an increase of 0.8 percent in March.
Purchases of durable goods decreased 0.5 percent, in contrast to an increase of 3.7 percent. Purchases of motor vehicles and parts
accounted for most of the decrease in April and for most of the increase in March. Purchases of nondurable goods decreased 0.3 percent
in April, in contrast to an increase of 0.5 percent in March. Purchases of services decreased 0.2 percent, in contrast to an increase
of 0.5 percent.
The price index for PCE increased 0.2 percent in April, the same increase as in March. The PCE price index, excluding food and energy,
increased 0.2 percent in April, the same increase as in March.
Price Index: Percent Change from Month One Year Ago
The April price index for PCE increased 1.6 percent from April a year ago. The April PCE price index, excluding food and energy,
increased 1.4 percent from April a year ago.
BOX._____________
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays
will be released in conjunction with preliminary estimates for June 2014 on August 1, 2014. In addition to the regular revision of
estimates for the most recent 3 years and for the first 5 months of 2014, personal income and select components will be revised back further.
The August Survey of Current Business will contain an article describing the annual revision in detail.
_________________
Revisions
Estimates for personal income and DPI have been revised for October through March; estimates for PCE have been revised for January through March.
Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for February
and March -- revised and as published in last month's release -- are shown below.
Estimates of wages and salaries were revised from October through March. The revision to fourth-quarter wages and salaries reflects the
incorporation of the most recently available BLS tabulations of the fourth-quarter wages and and salaries from the quarterly census of
employment and wages (QCEW). Revised estimates for January, for February, and for March reflect extrapolations from the revised fourth-quarter
level of wages. In addition, revisions to February and to March reflect revised BLS employment, hours, and earnings data for those months.
Change from preceding month
February March
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 54.3 55.0 0.4 0.4 78.4 76.3 0.5 0.5
Disposable personal income:
Current dollars 47.6 46.9 0.4 0.4 68.0 65.0 0.5 0.5
Chained (2009) dollars 36.3 35.7 0.3 0.3 41.1 38.1 0.3 0.3
Personal consumption expenditures:
Current dollars 54.7 65.1 0.5 0.6 107.2 117.6 0.9 1.0
Chained (2009) dollars 43.5 53.1 0.4 0.5 78.9 88.3 0.7 0.8
BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available
without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA
releases and announcements.
* * *
Next release – June 26, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for May